BME is the largest and most international of Spain's four regional stock exchanges.
The reorganisation of Spain's financial market under the national umbrella of the Spanish Stock Market includes the bolsas, the derivatives markets, and fixed-income markets. Trading is linked through the electronic Spanish Stock Market Interconnection System (SIBE), which handles more than 90% of transactions; all fixed-income assets are traded through SIBE.
Currency: Euro (EUR)
Interconnection Trading System S.I.B. (Sistema de Interconexión Bursátil) is a trading platform used by the four Spanish stock exchanges (Madrid, Barcelona, Bilbao, and Valencia) that ensures a single point of liquidity per share and facilitates direct, real-time communication among the stock exchanges, allowing for a single price and order book per share.
Most shares listed on the S.I.B. form part of the Main Trading market, which is an order-driven continuous market with an opening auction at the session’s beginning and a closing auction at the end. In addition, some of these shares have specialists responsible for providing liquidity.
|Price Range (Euro)||Tick Size (Euro)|
|0 to 9.999||0.001|
|10 to 49.995||0.005|
|50 to 99.99||0.01|
|100 and greater||0.05|
The Opening Auction phases are at 8:30 - 9:00. The session begins with the Opening Auction, during which the order book is partially visible. During this time, orders can be entered, amended, and cancelled, but no trades can be executed. All orders from the previous day remaining in the order book and entered during the Opening Auction participate.
This period (for the Main Trading segment) lasts 30 minutes, with a 30-second random end period to prevent prices from being manipulated. After the random end, the allocation period begins, during which the shares included in orders subject to execution at the fixed auction price are traded. During the allocation period, orders cannot be entered, altered or cancelled. On special occasions, the opening auction may be extended.
Once the shares are allocated, members receive information on the total or partial execution of their orders. All non-executed orders in the allocation period remain on the order book. The market is informed of the opening price, trading volume, time of each trade and the identity of the trading members. After this the market is open.
The closing price is defined by the following auction mechanism:
Auction means an auction conducted in a trading platform in respect to qualifying orders to determine the auction price pursuant to the following process:
1. Open market (09:00 - 17:30)
2. Closing auction (17:30 - 17:35)
3. Uncross (17:35:00 - 17:35:30)
Order Types: Market, Limit, and Market-On-Close (MOC) orders are eligible to participate in the closing auction.